Gmr Airports Ltd · NSE:GMRAIRPORT
Gmr Airports — GMR Infrastructure — Merger or Acquisition (February 2020)
14 slides from Gmr Airports's merger presentation, Feb 26, 2020
Slide 1: GMR Infrastructure Limited – Investor Presentation filing letter
GMR Infrastructure Limited Corporate Office: New Udaan Bhawan, Opp. Terminal ·3 Indira Gandhi International Airport New Delhi ·110 037 CIN L45203MH1996PLC281!38 T +9111 42532600 F +9111 47197181 W www.gmrgroup.in February 26, 2020 BSE Limited, National Stock Exchange of India Limited, Phiroze Jeejee
Slide 2: Equity Capital Raise & Strategic Partnership
Equity Capital Raise & Strategic Partnership February 2020 0
Slide 3: GMR to Raise INR 107.8 Bn from Strategic Partner – Groupe ADP
GMR to Raise INR 107.8 Bn from Strategic Partner – Groupe ADP Groupe ADP to Acquire 49% stake in GMR Airports Ltd 1
Slide 4: Broad Deal Contours
Broad Deal Contours Transaction Minority Stake Sale of 49% in GMR Airports Ltd. INR 107.8 Bn Equity Fund o Secondary Sale: INR 97.8 Bn Raise o Primary Infusion: INR 10.0 Bn Partner Aéroports de Paris SA (Groupe ADP) First tranche of INR 52.5 Bn received 2
Slide 5: About Groupe ADP
About Groupe ADP 2 Second largest airport group in Europe based out of Paris (France) Operating 24 international airports across geographies Handled1 234 Mn passengers (including Istanbul Atatürk) Market Cap2 of ~ € 17 Bn Revenue1 at €4,700 Mn and Net Income1 at €588 Mn Has 46.12% ownership in TAV T
Slide 6: Groupe ADP - Balanced International Footprint
Groupe ADP - Balanced International Footprint 2019 passenger traffic France Schiphol Group (8%) Liège – Belgium (25.6%) Zagreb - Croatia (ADP 21% & Macedonia (100%) Georgia Paris-CDG: 76.2 mPax Industrial cooperation Strategic partner TAV 15%) Skopje, Ohrid: 2.7 mPax Tbilisi (80%), Batumi
Slide 7: About GMR Airport
About GMR Airport 4 4th largest private airport operator globally – Handled1 102 Mn pax Portfolio of 7 airports in 3 countries (India, Philippines & Greece) Pax capacity - 94 mn operational - 89 mn under development / highest bidder High quality airport land parcels spanning 2,985 acres Consistently
Slide 8: GMR's World Class Airport Portfolio: A Snapshot
GMR’s 7 World Class Airport Portfolio : A Snapshot DIAL, New Delhi, India Nagpur, India Bhogapuram Current PAX (FY19) (mm) • Marquee asset of • Winter capital of • Strategically 2.8 1.9/46 303— 69.2 66/119 national importance Maharashtra located on East DOM PAX CAGR Coast of Andhra • Gateway to Indi
Slide 9: Equity Valuation of GMR Airport
Equity Valuation of GMR Airport (INR bn) 44.8 264.8 220.0 Base Post Money Achievement of Earn-out Total Post Money Valuation Milestones* Valuation** *Linked to achievement of certain agreed operating performance metrics and receipt of certain regulatory clarifications over the next ~5 years; **inclu
Slide 10: Shareholding Structure Post Transaction
Shareholding Structure Post Transaction GMR Infrastructure Ltd1 51% 49%2 Groupe ADP GMR Airports Ltd (GAL) India Outside India 64% 63% Delhi Airport Hyderabad Airport 100% Crete Airport, (DIAL) (GHIAL) Goa Airport Greece 40% 100% Mactan Cebu, Nagpur Airport Philippines 100% Clark Airport, 50% Bhogap
Slide 11: Transaction Attractiveness
Transaction Attractiveness Post Money Valuation: INR 220 Bn Global partnership with Post Money Valuation a major airport operator Attractive Single including Earn Outs: Valuation Investor INR 264.8 Bn Strategic Partnership Leverage partnership to further strengthen market position 9
Slide 12: Investment Merits
Investment Merits Creation of world-class Airport Development and Management platform in partnership with strategic airport operator Significant deleveraging at GMR Infrastructure Ltd. using the equity raise o Improved cash-flow and profitability Paves way for value unlocking through demerger of bus
Slide 13: En route to build Strong Partnership
En route to build Strong Partnership • Combination of expertise to extract more value and create synergies Leverage o Building strong partnerships by leveraging aeronautical and non- Expertise aeronautical expertise through systematic best practices implementation o Sharing knowledge and best practi
Slide 14: Thank You
Thank You Humility | Entrepreneurship | Teamwork and Relationships | Deliver the Promise | Learning and Inner Excellence | Social Responsibility | Respect for Individual 12
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